Brazil plans to invest US$ 152 billion in housing sector

By Richard High12 January 2009

The Brazilian government has announced plans to spend BRL 350 billion (US$ 152 billion) constructing housing for poor families over the next 15 years.

Announcing the decision Finance Minister Guido Mantega, Development Bank president Luciano Coutinho and Central Bank president Henrique Meirelles, said the aim was to help poor Brazilians - those with a monthly income of BRL 2075 (US$ 902), or five times the minimum wage - and stimulate the economy by creating construction jobs.

Paulo Safady Simao, president of the Chamber of Construction Industry (CBIC - Câmara Brasileira da Indústria da Construção) said some of the money will be given to contractors as subsidies.

About 300000 houses will be built this year, said Mr Simao, with the government announcing other measures to help the construction sector in the next few days.

Mr Simao also said the government's Growth Acceleration Program (PAC) will undergo a review with funds being allocated to those projects that are more easily achievable.

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